Making a collet chuck is a worthy ambition (not a minor undertaking). I'm confused by the drawbar - since a collet chuck has an internal gear that turns with the key driven the pinion - pulling the collet in against the taper.
Perhaps you are just going to make an adapter plate/cylinder that mounts on the D1-5 plate - bored for 5C?
The chuck, similar to what Beckerkumm has set up, is a very good way to go (they are simple, straight forward to mount up, very accurate and work great).